Tokocrypto, a subsidiary of Binance, has achieved a significant milestone by securing a Physical Crypto Asset Trader (PFAK) license from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti).

Richard Teng, CEO of Binance, praised Tokocrypto's accomplishment, emphasizing that it enhances the company's status as a leading crypto trading provider in Indonesia.

The positive regulatory environment in Indonesia has fueled Tokocrypto's growth, allowing it to surpass 4.5 million users and increase its monthly trading volume by 138% year-to-date.

The license was officially granted on September 9, 2024, marking a pivotal moment for Tokocrypto in establishing a fully regulated crypto trading framework.

Currently, there are 35 prospective crypto exchanges registered with Bappebti in Indonesia, with over 30 having applied for full licenses amid a burgeoning digital asset market.

With this new license, Binance Kazakhstan can manage a virtual asset trading platform, engage in principal investment activities, and provide custody services for virtual assets.

Yudhono Rawis, CEO of Tokocrypto, expressed pride in this achievement as part of their strategy to strengthen the crypto ecosystem in Indonesia.

The regulatory framework in Indonesia was introduced in response to a significant local demand for cryptocurrency, reflecting the growing interest among investors.

Binance first invested in Tokocrypto in 2020, aiming to establish a foothold in the Indonesian market, although the specific investment amount was not disclosed.

In 2023, Tokocrypto emerged as the largest exchange in Indonesia by trading volume, capturing a 43% market share among the top three centralized exchanges.

Binance has also made strides in Kazakhstan, where it received a full regulatory license from the Astana Financial Services Authority (AFSA), allowing it to operate a Digital Asset Trading Facility.

The approval for Binance Kazakhstan followed a thorough assessment process, including financial audits and ISO certifications, ensuring compliance with regulatory best practices.